Managed Account Programs:
Continuing Emergence of Unified Managed Account (UMA) Programs, Direct Indexing, & Model Portfolios
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Date Published: September 11, 2024
Summary PowerPoint Deck: 439 Slides
Reference PowerPoint Deck: 1,560 Slides
The purpose of this research is to provide readers with a comprehensive understanding of managed account programs, including separately managed account (SMA) programs, mutual fund advisory programs, exchange traded fund (ETF) advisory programs, & unified managed account (UMA) programs, as well as rep as portfolio manager and rep as advisor programs. No individual wealth management trend in recent decades has been as profound as the shift away from commission brokerage towards these six types of managed account programs. This comprehensive research includes a detailed history, statistics on the leading programs, details of each program type, highlights of each distribution channel, and predictions for the future. This research is part of Tiburon's broader coverage of financial products & services.
This research starts with a context setting chapter, and then outlines the key historical phases of managed account programs, including:
Date Published: September 11, 2024
Summary PowerPoint Deck: 439 Slides
Reference PowerPoint Deck: 1,560 Slides
The purpose of this research is to provide readers with a comprehensive understanding of managed account programs, including separately managed account (SMA) programs, mutual fund advisory programs, exchange traded fund (ETF) advisory programs, & unified managed account (UMA) programs, as well as rep as portfolio manager and rep as advisor programs. No individual wealth management trend in recent decades has been as profound as the shift away from commission brokerage towards these six types of managed account programs. This comprehensive research includes a detailed history, statistics on the leading programs, details of each program type, highlights of each distribution channel, and predictions for the future. This research is part of Tiburon's broader coverage of financial products & services.
This research starts with a context setting chapter, and then outlines the key historical phases of managed account programs, including:
- Emergence Phase
- Explosive Growth Phase
- Financial Advisor Driven Programs Dominance Phase
- Unified Managed Account (UMA) & Rep as Portfolio Manager Programs Phase
- Unified Managed Account (UMA) Programs, Direct Indexing, & Model Portfolios Phase
- Separately Managed Account (SMA) Programs
- Mutual Fund Advisory Programs
- Exchange Traded Fund (ETF) Advisory Programs
- Unified Managed Account (UMA) Programs
- Rep as Portfolio Manager Programs
- Rep as Advisor Programs
- Wirehouses, Other National Brokerage Firms, & Regional Brokerage Firms
- Discount & Online Brokerage Firms
- Independent Advisors (Independent Reps & Fee-Based Financial Advisors (RIAs))
- Substantial Growth for Managed Account Programs
- Fastest Growth in Unified Managed Account (UMA) Programs & Still Substantial Growth in Separately Managed Account (SMA) Programs (Due to Direct Indexing) & Rep as Portfolio Manager Programs (Due to Portability)
- Early Growth in Fee-Based Financial Advisors (RIAs) Leveraging Managed Account Programs (AKA Turnkey Asset Management Programs (TAMPs))
- Parallel Growing Importance of Portfolio Accounting & Reporting Systems
- Pricing Pressure & Potential New Pricing Models
- Substantial Growth in Managed Account Programs International (Non-United States) Markets
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Tiburon members can download the summary or reference PowerPoint presentation, view the most recent Tiburon Webinar featuring Tiburon's Managing Partner (or another Tiburon team member), and/or listen to the most recent Tiburon podcast featuring Tiburon member CEO guests by clicking on the buttons below:
Non-Tiburon Members:
Non-Tiburon members can either become Tiburon members or subscribe to this specific Tiburon Research by clicking on one of the buttons below:
Media Members:
Members of the media who would like access to this Tiburon Written Research, Tiburon Webinar, and/or Tiburon Podcast should send an email to Sarah Sage using the button below:
